Key points are not available for this paper at this time.
Ignatius Horstmann, James R. Markusen, Licensing versus Direct Investment: A Model of Internalization by the Multinational Enterprise, The Canadian Journal of Economics / Revue canadienne d'Economique, Vol. 20, No. 3 (Aug., 1987), pp. 464-481
Horstmann et al. (Sat,) studied this question.
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